Vladislav Sopov
Season for meme cryptocurrencies may be over: All major meme coins turned red in the past 24 hours
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The euphoria surrounding meme coins may finally be fading. Of the 10 worst performing categories on CoinGecko, 5 are related to meme cryptocurrencies. At the same time, the most painful losses are associated with small-cap stocks.
Base, Solana Meme Coin Ecosystem Bleeding: Record Double-Digit Losses in 24 Hours
Over the past 24 hours, meme-related coins have once again been among the hardest hit amid the general indifference of the crypto market. Two ecosystems had the worst performance indicators. The meme coin on Base, Coinbase L2 of Ethereum (ETH), lost more than 18% of its value overnight.
The total value of the 38 largest Base meme coins has decreased to $142 million. The price of the BRETT meme coin has plummeted by more than 40%.
The meme coin segment of Solana (SOL) has erased 12.6% of its value. The net market capitalization of the Solana-based meme cryptocurrency is barely over $1.67 billion.
Also, cat-themed meme coins and BRC-20 assets (some tokens in this category are also meme-related) are among the worst performers.
Catcoin's value fell by 8.8%, while BRC-20 cryptocurrencies lost 8.7% of their total value.
$8.5 million worth of DOGE, WIF, and BONK positions were liquidated, most of them long positions.
This decline in the memecoin world caused an eight-digit liquidation in the futures market. The most affected here are Dogecoin (DOGE), Dogwifat (WIF), Bonk (BONK), and Pepe (PEPE).
A total of $150 million has been liquidated in the past 24 hours, with the three largest meme coins contributing $8.5 million worth of losses.
More than 80% of this total should be attributable to long positions.
According to the data, the market capitalization of cryptocurrencies has decreased by 2%.
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Vladislav Sopov